March 29, 2023

Escrypto’s MPC Wallet Technology

Escrypto’s MPC Wallet Technology

When it comes to cryptocurrencies or any other financial product for that matter, the central concern is data security — how do you stop people running off with your money? Cryptography has long been the answer, with scrambled data only able to be decoded if a user has the ‘key’ to the code. Needless to say, this ‘private key’ needs to be stored safely as anyone who has access to it can use it to transfer assets to their own account — or in the blockchain world, to their own crypto wallet. It’s in this area of private key security that MPC technology (Multi-Party Computation) has become one of the most effective tools around.

What Is an MPC Crypto Wallet?

As mentioned, security is the main priority when it comes to digital assets and currency. In the newly established, little-regulated space, businesses, individuals, and financial institutions need to have the most robust security available to them. That’s where MPC technology comes in.

An MPC wallet operates like any other digital wallet. However, it has the added protection of separating the private keys and control across multiple devices, making it incredibly difficult to hack, even when a malicious attacker gets hold of keys from one of the devices.  

Read on to learn how this technology works and why it’s so important.

How Does MPC Wallet Technology Work?

Essentially, MPC allows a group of people, each with their own private data, to evaluate a calculation without any of the group having to reveal their data to anyone else. It’s a neat trick that’s built around a concept known as Zero-Knowledge Proof and is central to blockchain security.

Great. But what does that mean in practice?

One of the biggest problems with private keys is their vulnerability when stored in a single location — if all your valuables are in one room, you’re in trouble if anyone gets in. MPC technology, however, allows keys to be broken up into coded parts and then shared with a group of people. These people can then perform calculations independently of each other, producing authorization without ever revealing their part of the code to anybody else. As a result, instead of private keys existing in one place, they’re perpetually fragmented across the blockchain — and good luck trying to hack that.

Solving the Crypto Wallet Problem

Before MPC tech, private keys were stored in a single location (such as a hardware security module or a crypto exchange) with a wallet owner having to rely on trust that these locations were secure. Unfortunately, they proved not to be so great. With hackers just having to get lucky once to get in, the keys were vulnerable.  

MPC solved all this. With decentralized keys held in multiple parts by multiple people who have no knowledge of each other, a hacker really has their work cut out. What’s more, when the key needs to be used, MPC tech choreographs the authorization without the people involved knowing anything about the computation other than their own little coded part. This also stops any of the parties involved from running off with everything and buying themselves a bunch of Ferraris.

It’s this level of MPC security that Escrypto utilizes in its wallets and what makes the platform so safe. It also makes Escrypto remarkably convenient too. With users able to keep their digital assets online without having to resort to tedious cold-storage solutions.

With MPC tech securing Escrypto’s wallets, digital payments are as easy and quick as they are secure — which is to say, very.

Accessing Funds With an MPC Wallet

When creating an MPC wallet, you use multiple devices. So, when it comes to accessing the digital assets stored in this wallet, all original devices need to be present to verify the authenticity of the individual accessing the wallet. The conditions for access to be granted must be identical to the creation process. This tight security protocol means only the devices that created the MPC wallet will be able to control the funds.

Escrypto MPC Wallet Powered by Fireblocks

In explanation, an MPC crypto wallet sounds greatly complex, difficult to create, and confusing to access. However, it couldn’t be more the opposite. Thanks to Fireblocks, and their user-friendly MPC technology, we’ve been able to create the most secure crypto wallets that both individuals and businesses can benefit from.

As one of the most popular and powerful systems, Fireblocks is used for trading, brokerage, lending, exchanges, banking, and payments. It’s the platform of choice for some of the most well-established and respected DeFi projects.

Much More Than Impenetrable Security

Described as next-generation digital asset security, we’ve been able to harness to power of Fireblocks to make the Escrypto MPC wallet secure against cyber-attacks, human error, and internal collusion. Whatsmore, they’re the first and only developer to offer a 24/7 asset transfer network for enterprises – talk about ground-breaking!

Furthermore, Fireblocks has introduced a proprietary protocol that increases transaction processing speeds by up to 8 times. This skyrockets operational efficiency for teams and individual wallet holders.

Crypto transaction fees are one of the most talked about issues with digital wallets. Honestly, the fees can get pretty crazy. Especially with legacy MPC technology. However, with Fireblocks and Escrpyto, we’re able to reduce these costs by 90%. Now, wallet users can send and receive transactions at scale without overwhelming operating costs.

A Flexible MPC Wallet System Supports Businesses & Individuals

Multi-Blockchain Support

Impressively, Escrypto and Fireblock support over 1,100 tokens across 30 blockchains. Whatsmore, with rapid development and exciting new introductions, more protocols are added in a new release every month.

Hot, Cold, & Warm Wallets

There’s nothing better than being able to choose the type of digital wallet you use without having to compromise on security. Naturally, a hot wallet is more likely to be compromised than a cold wallet, but if you prefer the speed of transaction then that’s what you’ll choose.

With Escrpyto and Fireblocks, you have the power to choose. Whichever suits your style, needs, or operational processes most – you now have access to the most secure MPC wallet.

Banking API Integration

Alongside security, user-friendliness is of paramount importance. What’s the point in having the most secure MPC crypto wallet if it’s not enjoyable to use? Now, individuals, projects, and businesses can integrate directly with traditional banking apps, making it rapid and easy to deposit and withdraw funds.

Saas, Hybrid, or Permanent Installation

Much like wallet type, everyone has their preference for software. Those who prefer unlimited control may opt for permanent on-site installation, whereas those who need a system that works for them with minimal input would choose Saas. Well, the flexibility of this incredible system allows for all types of implementation, enabling Escrpyto and Fireblocks to fit into your operations, not the other way around.

Escrpyto MPC Wallets Summarized

We’re on a mission to make MPC wallet technology accessible, secure, flexible, and user-friendly. No one should have to compromise on their preferred wallet type and functionality while worrying about security.

Partnering with Fireblocks has enabled us to bring our vision to life, giving Escrypto users, whether they’re individuals or businesses, an MPC crypto wallet they can easily introduce into their existing processes.

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